Gold Climbs In Spite of Jobs Data, Strengthening U.S. Dollar
by Christopher Freeburn | March 8, 2013 4:21 pm
[1]Despite better-than-expected U.S. jobs numbers[2] and a strengthening U.S. dollar, gold inched higher in Friday trading. The metal’s resilience in the face of downward price pressure reassured gold investors after a month of price declines. U.S. equities continued to climb to new record highs.
Gold futures for April delivery edged up 0.1% to $1576.90 per ounce on Friday, according to CME Group[3]. Gold traded as high as $1,583.10 and as low as $1,560.40. Gold bullion closed in London at $1,581, according to BullionVault[4].
Silver futures for April delivery climbed 0.5% to $28.92 per ounce. Friday’s high for silver was $29.22, while the low was $28.39.
Gold and silver funds edged higher in Friday trading.
- The SPDR Gold Trust (NYSE:GLD[5]) was flat.
- The iShares Gold Trust (NYSE:IAU[6]) was also unchanged.
- The iShares Silver Trust (NYSE:SLV[7]) rose 0.3%.
Gold and silver mining ETFs advanced during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[8]) gained 0.4%
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[9]) climbed 0.7%.
- The Global X Silver Miners ETF (NYSE:SIL[10]) increased 1.1%.
Several individual gold mining shares showed slight declines Friday.
- Agnico-Eagle Mines (NYSE:AEM[11]) slipped 0.5%.
- Barrick Gold (NYSE:ABX[12]) also dropped 0.5%.
- Eldorado Gold (NYSE:EGO[13]) slid 0.7%.
- Goldcorp (NYSE:GG[14]) fell 0.5%.
- Kinross Gold (NYSE:KGC[15]) climbed 1.4%.
- Newmont Mining (NYSE:NEM[16]) dropped 1.7%.
- NovaGold Resources (AMEX:NG[17]) sank 0.3%.
- Yamana Gold (NYSE:AUY[18]) gained 0.3%.
Silver mining shares mostly moved higher.
- Coeur d’Alene Mines (NYSE:CDE[19]) dipped 0.1%.
- Hecla Mining (NYSE:HL[20]) surged 4.3%.
- Pan American Silver (NASDAQ:PAAS[21]) rose 2.1%.
- Silver Wheaton (NYSE:SLW[22]) slid 0.6%.
- Silver Standard Resources (NASDAQ:SSRI[23]) rose 1.7%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[24] contributed to this report.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- better-than-expected U.S. jobs numbers: https://investorplace.com/2013/03/february-jobs-report-winners-losers/
- CME Group: https://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.cmegroup.com
- BullionVault: https://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
Source URL: https://investorplace.com/2013/03/gold-climbs-in-spite-of-jobs-data-strengthening-u-s-dollar/